Mass Appr

Question 1

Also none as continuous are based on measurements or count for example size, sq ft of living space, or number of bathrooms.Tends to be objective and verifiable

Answer 1

Quantitative Variables

Question 2

Qualitative Variables

Answer 2

data or variables also termed as categorical or discrete represent property features or attributes that fall into predefined categories, examples are construction grade,condition, building style, and type of heating and cooling. Data collectors normally assign codes for such features from a predefined list.

Question 3

Binary variables

Answer 3

represents the presence or absence of a feature for example waterfront lot, corner lotm, air conditioning, or swimming pool. Binary modeling is an effective way for modelers to determine contribution

Question 4

COV

is based in the raw units of the variable being analyzed such as sq ft of lving area or dollars of sale price

Answer 4

1 Divide the standard deviation by the mean

2 Multiply by 100

Question 5

Standard deviation

Answer 5

1 Subtract the mean from ea value
2 Square the differrences (squared # always have positive signs)
3 Sum the squared difference
4 divide by the sample size less one (n-i) to obtain the variance
5 Compute the square root of the variance to obtain the standard deviation

Question 6

Binary Transformations

Answer 6

Also referred to as dummy variables, reflect the presence or absence of an attribute. If present code 1 if absent code 0

Question 7

scalar transformations

Answer 7

another approach to incorporating qualitative data. poor=-1.50, fair =-.0.80 etc

Question 8

Multiplicative Transformation

Answer 8

Sq ft of living area by construction quality

Question 9

Measures of Central tendency

Answer 9

Measures of the center, or average, of data. The common measures are mode, median and mean

Question 10

Trimmed Mean

Answer 10

Becuase of the potential for the mean to be overly influence by extreme values.
Delete the lowest and the highest 10 percent values and the 5 percent trimmed mean disregards the lowest and highest 5 percent values

Question 11

Measures of Spread

Answer 11

minimum the smallest value in the array
maximum the largest value
range the difference between the maximum and the minimum value

Question 12

Average Deviation

Answer 12

measures the spread, or difference between each value and a chosen measure of central tendency, generally the median

Question 13

Average deviation of median

Answer 13

1 Subtract the median from each value
2 Tate the absolute values fo the difference (drop negative sign)
3 Sum the sign - ignore the differences
4 Divide by the sample size

Question 14

What is a sales of assessment ratio

Answer 14

R=A/S Ratio =assessed value divided by sale

Question 15

What do ratio studies measure

Answer 15

two primary aspects of mass apprasal accuracy: level of valuation and uniformity of values.

Question 16

Weighted mean
1 sum the apraised values fo the sample
2 sum the sale prices for the sample
3 divide the total of the appraised values by the total of the sale prices

Answer 16

also know as the aggregate mean, dollar weighted mean, or ratio of the aggregates

Question 17

Price related fifferential PRD

Divide the mean ratio by the weighted mean

Answer 17

A special aspect of appraisal uniformity relates to equality in the appraisal of low and high valued properties

Question 18

Regressive

Answer 18

if high value properties are underappraised relative to low valued properties

Question 19

Progressive

Answer 19

If high value properties are relatively over appraised.